4) Industrial Metals (Copper) underperforming Precious Metals (Gold): The last chart below illustrates the ratio of Copper (JJC) to Gold. Copper is an important industrial metal that is used in construction and manufacturing. When it is outperforming Gold, as it is today, it is generally a bullish backdrop for equities. If this ratio were to show weakness, as it did from 2007 through 2009, that would potentially be a troubling sign for the economy and equity markets.